Producer prices for services grew by 2.7 per cent year-on-year in October to December 2023

Product groups driving the changes in indices

Compared to previous year’s fourth quarter, the rise in producer price indices for services in total (Business to All, BtoAll) was particularly caused by higher prices of food and beverage serving services, computer programming, consultancy and related services, and human health services. The increase in BtoAll prices was curbed especially by lower prices of sea and coastal freight water transport services and other transportation support services compared to Q4 2022.

The year-on-year increase in the prices of services for enterprises and the public sector (Business to Business, BtoB) was driven especially by higher prices of computer programming, consultancy and related services, human health services, and rental and operating services of own or leased real estate. As in BtoAll-index, the increase in BtoB prices was curbed by lower prices of sea and coastal freight water transport services and other transportation support services compared to Q4 2022.

Prices of services sold to households (Business to Consumers, BtoC) were increased from Q4 2022 particularly due to higher prices of food and beverage serving services, travel agency, tour operator and other reservation services, and rental and operating services of own or leased real estate. The increase was curbed by fallen prices of services incidental to land transportation compared to a year ago.

Producer price indices for services currently cover about 70 % of all market services. Coverage is 85 % when wholesale and retail trade services are excluded.